Oil Prices Keep Climbing Despite Stronger Dollar

Oil prices rose in volatile trading Tuesday, shrugging off a strong dollar and weak equity markets . U.S. crude futures rose 35 cents, or 0.5%, to $71.31 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 20 cents, or 0.3%, to $78.43 a barrel on ICE Futures Europe, the highest since November 2014. Oil prices have run up rapidly amid turmoil in the Middle East and the prospect of trade sanctions against Iran . Both benchmarks are up around 4% this month. They both pulled back from highs reached in earlier trading Tuesday as the dollar surged and equity markets fell, but still ended the day higher. Oil and the dollar often move in opposite directions, since a stronger dollar makes oil more expensive for buyers using foreign currencies, reducing demand. “Today’s trade provided reinforcement to a short-term bullish view given the oil market’s ability […]